Worth Capital has cancelled Future Gadget funding competition stating the businesses were not ready for crowdfunded investment. The initiative was designed to discover the “world’s next great gadget” by engaging entrepreneurs, in need of capital and to then help bring their product to market. Worth has done similar competitions previously which were successfully completed. The funding was in part associated with an equity crowdfunding round on Seedrs.
Worth published a statement on their site yesterday explaining the cancellation:
We have now completed the first stage of our process to identify the entrants that we’d take through to the next stage of the competition.
Our panel of experts have considered all applications and whilst a number of exciting businesses have come to light, unfortunately we believe that they are not yet ready for crowdfunded investment. We have a responsibility to our investors to only invest in the right businesses at the right time so we have made the difficult decision that the Future Gadget competition will not progress any further.
Our mentoring team will be working with a number of the businesses who have entered the competition to help them develop to the stage where they are investment ready.
Despite a disappointing outcome, we would like to thank all of the entrants, investors and partners who have supported the campaign.
We look forward to keeping you up to date with further competitions to identify the products and services which will become the household names of tomorrow.
The Worth Capital Team
Worth had previously partnered with Facebook in launching a search for innovative Apps. The Future Gadget project had enlisted the Gadget Show to assist in the promotion of the competition. One follower suggested the project was cancelled due to lack of interest from investors.
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